Your browser is unsupported

Please visit this URL to review a list of supported browsers.

ICE Futures Europe

Nature-Based Solution Carbon Credit Vintage 2023-2027 Futures


The Contract is a physically deliverable contract where each Clearing Member with a position open at cessation of trading for a contract month is obliged to make or take delivery of Nature-Based Solution Carbon Credits in accordance with Part N2 of the ICE Clear Europe Delivery Procedures.

Market Specifications

Trading Screen Product Name
Nature-Based Carbon Credit Futures
Trading Screen Hub Name
VCU V23-V27
Contract Symbol
Contract Series
Up to 7 December, up to 9 quarterly and 2 monthly contracts or as otherwise determined and announced by the Exchange from time to time.
Expiration Date
Trading shall cease at the end of the designated settlement period three Business Days prior to the last Business Day of the contract month. If the day on which trading is due to cease is the Business Day before Christmas Day falling on a Saturday, then trading shall cease on the preceding Business Day.
Contract Security
ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.
Trading Hours
01:00 AM - 11:00 PM LLT, Monday – Friday
Trading Model
Continuous trading throughout trading hours
Trading Methods
Futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.
Unit of Trading
VCUs from VCS AFOLU Projects with CCB Certification having a vintage between 1 January 2023 up to and including 31 December 2027.
Contract Size
One lot of 1,000 Nature-Based Solution Carbon Credits. Each Nature Based Solution Carbon Credit equals one metric tonne of greenhouse gas emissions.
Minimum Trading Size
1 lot
Minimum Block Order
10 lots
The contract price is in US Dollars and Dollar Cents per metric tonne
Minimum Price Fluctuation
$0.01 per tonne (i.e., $10.00 per lot).
Maximum Price Fluctuation
There are no limits.
Tick Value
$0.01 per tonne (i.e., $10.00 per lot).
Settlement Price
Each business day at approximately 16:15 hours
Initial Margin
Calculated on all open contracts, Initial Margin, as defined in the ICE Clear Europe Clearing Rules, is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest.
Daily Margin
All open contracts are 'marked-to-market' daily, with Variation Margin, as defined in the ICE Clear Europe Clearing Rules, being called for as appropriate.
Exchange Delivery Settlement Price
The EDSP shall be the Settlement Price established by ICE Futures Europe at the end of the closing period on the last day of trading for the relevant delivery month.

ICE Futures Europe may, in its absolute discretion, determine in respect of the Contract, at any time prior to the delivery period, a price other than that specified above.
MIC Code
Clearing Venues

Trading Hours

New York8:00 PM - 6:00 PM*
20:00 - 18:00
7:55 PM
London1:00 AM - 11:00 PM*
01:00 - 23:00
12:55 AM
Singapore8:00 AM - 6:00 AM*
08:00 - 06:00
7:55 AM

*Next Day


Clearing Admin Name
Carbon Credits
Symbol Code